MCX lead tumbled sharply in the beginning of January. However, it posted a positive daily close after seven consecutive negative sessions and entered a pullback mode. In terms of wave structure, it completed the third leg of an expanded flat pattern and started its next leg up. This leg is breaking up into lower degree waves. On the way up, lead crossed a crucial falling trendline. Short term as well as medium-term momentum indicators are in line with sharp rally. However, lead has now halted near the upper end of the rising channel. It almost retraced 61.8% of the previous fall. Thus, Rs124.20-124.80 will now act as a crucial resistance zone. On the other hand, a key support for a minor degree correction will be Rs120.